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World Growth Forum Disrupt: Implementing a High-Tempo Experimentation Process at Truly

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My talk from World Growth Forum Disrupt. Please let me know comments or questions via twitter @joradig!

Abstract: The only certain, controlled way to improve growth rates in a start-up: continuous experimentation. Find out how Truly has implemented a high tempo experiment process which has increased conversion rate by over 100%. How can you gather customer insights to use as a basis for experimentation? What tools are indispensable for prioritisation, implementation and analysis? Following over 60 tests this year, discover the key takeaways that can be applied in any start-up.

"Geeky sounding, but absolutely fascinating, presentation" (@daviepannell)

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World Growth Forum Disrupt: Implementing a High-Tempo Experimentation Process at Truly

  1. 1. Implementing a High-Tempo Experimentation Process at Truly Learnings, challenges & results WorldForumDisrupt|Dec72016 JohannesRadig,HeadofGrowthMarketingatTrulyExperiences @joradig 1
  2. 2. Agenda 🤘 1. What is a high-tempo experimentation process? 2. Why should I care? 3. How do I implement it? [6 step process] 4. 4 Biggest Challenges & Learnings 2
  3. 3. Head of Growth Marketing @Truly Ex-PayPal SEO, Display & Paid Social Startup consultant & 500 Startups Mentor @joradig johannes@trulyexperiences.com The destination for people who want memories, not stuff. UK’s leading marketplace for unique, premium gift experiences, growing 2.4x this year. web: trulyexperiences.com twitter: @givetruly facebook: @trulyexperiences
  4. 4. WHAT IS HIGH TEMPO EXPERIMENTATION? 🤔 “Growth hacking isn’t about a specific tactic, but rather it’s about a process of discovering which tactics will be effective for growing your business.” 4 Sean Ellis (GrowthHackers.com, Ex- Dropbox, Ex-Lookout)
  5. 5. So what is it? A process that enables you to run as many tests per period of time as possible. 5
  6. 6. WHY? 😳 TO BUILD A 🚀 SCALEABLE 🚀 PREDICTABLE 🚀 REPEATABLE GROWTH ENGINE. 6
  7. 7. 7Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Truly’s Overall Conversion Rate Ecommerce Conversion Rate Conversion rate Jan > Nov +100%
  8. 8. 8 Driven by: >60 Experiments since March 16
  9. 9. HOW? 🤓 “Stop looking for tactics first, and start focusing on establishing a growth process” 9 Brain Balfour, Founder/CEO @ Reforge, Previously VP Growth @ HubSpot etc.
  10. 10. The process 😍 10 1 ••Identify Growth Levers 2 ••Gather Ideas 3 ••Formalise & Prioritise Experiments 4 ••Implement Experiments 5 ••Analyse & Learn 6 ••Document & Share Experiments Rinse, repeat every 1-2 weeks Revise quarterly
  11. 11. #1 Identify Growth Levers Generate 2.4x total Revenue YOY 💪 = OUTPUT ≠ Growth Lever! Levers = Inputs • Monthly Revenue = # of Transactions x Average Order Value (AOV) • # of Transactions = Website Traffic x Conversion Rate + Offline Transactions • Conversion Rate = Category > % Product > > % Add to Cart > Checkout % … 11
  12. 12. Market average: 80% Market average: 20% Market average: 65% Experiment Focus Get to 40% = £80k monthly revenue Get to 15% = £50k monthly revenue
  13. 13. Process: #2 Gather ideas • Internal teams: Customer Service, sales team… • Existing Customers • Prospects • Competition • Best practices & Case Studies: GrowthHackers.com, Hackernews etc. 13
  14. 14. Truly example 1: Go out there and talk to people! 14
  15. 15. Truly example 2: Online Customer Research 15
  16. 16. #3 Document & Prioritise ideas 16
  17. 17. Process: #3 Document & Prioritise ideas • Document ideas & Prioritise experiments (> Pipefy) 17
  18. 18. 18 Brief, simple description of the experiment
  19. 19. 19
  20. 20. 20 IMPACT CONFIDENCE EASE How big is the potential impact of this idea on the KPI? 1-3 🚀 How certain are we it’s going to work? 1-3 🎲 How difficult is it to implement? 1-3 ⚙ ICE SCORE (SUM OF SCORES) 3-9
  21. 21. 21 KPI Specific goal of the experiment Impact calculation & rating Confidence Ease Calculate GMV / Revenue
  22. 22. #4 Implement experiments G S D 22GET 💩 DONE
  23. 23. Process: #4 Implement experiments 23
  24. 24. 24
  25. 25. #5: Analyse & Learn SUCCESS 🎯or FAIL ❌? What’s the IMPACT 💣 🐳 ? WHY 🤔? 25
  26. 26. 26
  27. 27. #6 Share & document results 27
  28. 28. Process: #6 Share experiments 28
  29. 29. 4 Biggest Challenges & Learnings 29
  30. 30. #1 When asking for ideas: be specific. 30
  31. 31. #2 Run big, bold tests 31
  32. 32. #3 Dedicate time to analysis & documentation 32
  33. 33. #4 Stick to the process! 33
  34. 34. #5 Bonus! 34 Have Fun & Grow!
  35. 35. Questions? Comments? 🎄Visit Truly @ trulyexperiences.com 0 35

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